Updating from our recent article in April, New Jersey Governor Phil Murphy has officially signed new clean energy legislation into law.
In addition to signing the expected bills, Governor Murphy also signed an executive order directing the government to compile a master plan to achieve a new goal of 100% renewable energy by 2050.
Overall, here are the main takeaways that Stanwich Energy Advisors would like to highlight about the new energy bills that have been passed:
1. Establishment of a Zero Emissions Certificate (ZEC) Program. Electricity distribution companies will be collecting these new ZEC charges from their customers.
2. Solar RECs. The bill increases solar targets in each year from 2019 through 2027, then gradually reduces the targets through 2033. These SRECs will show as new charges for New Jersey customers.
3. Class I RECS. The bill requires a 21% Class I REC target beginning in 2020, increasing to 35% by 2025, and then to 50% by 2030.
These new implementations will all result in additional costs for the energy that your building purchases. For more information about how these new bills will affect your specific buildings, please contact your Stanwich Energy advisor.
To read more about the bills that were just passed in New Jersey, please see this press release from the Office fo the Governor.